15 Recent Bank Scandals That Show Just How Powerless You Really Are

Thought Catalog

1. In September 2013,JP Morgan Chase announced they will pay $970 million in fines to US and British regulators and made a rare admission of wrongdoing over action involved in last year’s “London Whale” trading scandal. Additionally, the Consumer Financial Protection Bureau announced that JPMorgan Chase and Chase Bank have agreed to pay refunds totaling $309 million to more than 2.1 million customers after the Office of Comptroller or Currency  “found that Chase engaged in unfair billing practices for certain credit card ‘add-on products’ by charging consumers for credit monitoring services that they did not receive.”

2. The LIBOR scandal came into focus last year when it was discovered that banks were allegedly falsely inflating or deflating their interest rates so in order to profit from trades, or to give the impression that they were more creditworthy than they actually were.The Libor is an average interest rate calculated through…

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